Yeah! It does a chain stitch too!
If that bobbin case -was- repaired, it doesn't interfere with the chain stitch function either.
I sewed a bunch, then ripped the stitches out, and giggled like a maniac. I still don't know the practical use I'll have for it, but I'm thinking of using it to quilt something I piece. I like the look of the chain stitch, and I've seen some people use it decoratively. I suppose that means I'll have to make something bigger than 4" square like my last (first) quilting project.